India Pesticides Ltd has reported Consolidated financial results for the period ended June 30, 2023.

India Pesticides has posted net profit of Rs. 15.45 crores for the period ended June 30, 2023 as against net profit of Rs. 29.99 crores for the period ended March 31, 2023. The company posted net profit of Rs.41.09 crores for the period ended June 30, 2022.

The company has reported total income of Rs. 204.71 crores during the period ended June 30, 2023 as compared to Rs. 201.08 crores during the period ended March 31, 2023. It reported total income of Rs.221.72 crores during the period ended June 30, 2022.

Commenting on the performance, Anand S. Agarwal, Chairman said: “In Q1 FY2024, the Company faced a highly volatile global business environment, characterized by numerous challenges such as unfavourable macroeconomic scenarios, subdued volumes, high-cost inventories and steep price drops due to oversupply of raw material from China. Consequently, our topline and profitability were impacted, with revenues amounting to Rs. 204.7 crore in Q1 FY24 compared to Rs. 221.7 crore in Q1 FY23. Despite these challenges, we remained steadfast in our efforts to navigate through these turbulent times and strategize for a more resilient performance in coming quarters. 

During the quarter, the Company saw additional pressures due to a reduction in selling prices of some of its products, leading to an impact of Rs. 17.1 crore. This impact comprised Rs. 7.3 crore owing to sales made during the current quarter and Rs. 98 Mn due to the revaluation of inventories at hand at Net Realizable Value (NRV). 

I am happy to announce that during the quarter we have increased our technical capacity by 200 MT which takes our total technical capacity to 24,200 MT. We are focused on introducing new products and expansion of the Hamirpur plant project. Our recently launched products continue to receive positive response from the market and making significant contribution to the topline. This momentum has encouraged us to further enhance our offerings and explore avenues for growth and expansion. 

Our robust sense of accountability, coupled with an extensive reach to millions of farmers, an expansive distribution network, and a firm market presence, propels us towards achieving our objectives. It also helps augment stakeholder value and forge a path towards a sustainable future. We will continue to push the boundaries by harnessing the strength of our diverse product portfolio, positioning ourselves as a leading and competitive organisation in our industry.” 

Key Strategic Developments: 

Present installed capacity of Technicals increased to 24,200 MT after launch of 200 MT capacity during Q1 FY24

Capex outflow of Rs. 50 crores have been planned for FY24 for IPL and 60 crores for Shalvis Specialities Limited (WOS)

EC received from MOEF for Our Shalvis Hamirpur Project and likely commence operations in Q4 FY24

Expanding in stabilizer and additive product